I did not want to spend too much time on something that may not be important, so I came up with three rules.
1. The Pets and Items that are important or exclusive to the In-Game Universe are anagrams of common words used to describe those items. The only exception to the rule so far is the player name's species, but that may change as I continue working.
I'd call them Rahmice (Ruh-my-ice) based on my naming convention.
Other Takes: Charmei (Cu-ha-arm-may, or Charmy) and Iremach (Eye-er-mack)
2. Names are Randomly Generated. I don't have a great many characters fleshed out beyond the shopkeepers at this point, but due to the mechanics of the world this is taking place in I'm aiming for as many gender-neutral names as possible.
3. Fitting the central theme of the game, all locations are parodies of real world locations. The general idea being to both spark a hint of nostalgia for the player and to make them aware of what can be done there just by reading the name.